The intent of public pension funding in Washington state is to
provide a dependable and systematic process for financing the
benefits provided by the retirement systems. The six goals of
this process are contained in
RCW 41.45.010.

Goals

Continue to fully fund all retirement Plans 2 and 3 as provided by law.

Fully amortize the total costs of LEOFF 1 unfunded liabilities no later than June 30, 2024.

Fully amortize the total costs of PERS 1 and TRS 1 unfunded
liabilities within a rolling ten-year period.

Establish long-term employer contribution rates, which will remain a relatively predictable proportion of the future state budgets.

Fund, to the extent feasible, all benefits for Plan 2 and 3 members over the working lives of those members, so that the cost of
those benefits are paid by the taxpayers who receive the benefit of those members' service.